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The former CEO of the failed Boston Grand Prix has agreed to pay $50,000 and accept a lifetime ban on promoting events in Massachusetts in exchange for the state attorney general dropping a civil lawsuit against him, according to an agreement signed in court today.

The agreement, negotiated by Attorney General Maura Healey's Office, was approved by a Superior Court judge earlier today and appears to end at least one chapter of the long-running IndyCar race drama.

Healey had charged John Casey with deceptive business practices in his handling of the Grand Prix race finances. He is charged in bankruptcy court with spending money for his own use and driving the race into ruin.

The terms of the agreement with Casey prohibit him from "directly or indirectly organizing, promoting, directing, managing, sponsoring, or providing services of any kind for any event to be held in the Commonwealth of Massachusetts that is open to the public."

The $50,000 fine, which includes costs incurred by the AG's office, is still subject to a bankruptcy court injunction that has frozen all of Casey's assets. Casey must pay the $50,000 once the injunction is lifted. The Grand Prix fiasco has been a major embarrassment for Mayor Martin J. Walsh, who was the main cheerleader for the IndyCar race that was scheduled to take place last fall.

Casey abruptly canceled the race in April 2016, charging the city with putting up burdensome roadblocks and failing to notify him of a key environmental permit that was threatening to hold up the event.